Cardiology Devices - Ghana | Statista Market Forecast

The projected revenue in the Cardiology Devices market market in Ghana is expected to reach US$19.49m in 2024.
It is anticipated that the revenue will show an annual growth rate of 7.62% from 2024 to 2029, resulting in a market volume of US$28.14m by 2029.
When compared globally, the United States is expected to generate the highest revenue of US$25.77bn in 2024.
Ghana's cardiology device market is experiencing a surge in demand due to the country's growing prevalence of cardiovascular diseases.

Definition:
The Cardiology Devices market includes diagnostic, monitoring, and surgical devices that are used to treat heart diseases and heart-related problems.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Medtronic, Abbott Laboratories, Boston Scientific, Edwards Lifesciences.
Further information on the key players can be found in the Market Shares boxes.

Cardiology diagnostic & monitoring devices
Cardiology surgical devices
Implants such as pacemakers

Cardiology drugs
Cardiology supplements

The Cardiology Devices market in Ghana is experiencing significant growth and development.

Customer preferences: In Ghana, there is a growing demand for advanced cardiology devices due to an increasing prevalence of cardiovascular diseases. Patients are seeking state-of-the-art technologies and innovative solutions for the diagnosis and treatment of heart conditions. There is also a preference for non-invasive procedures and devices that offer accurate and quick results. Additionally, cost-effective options are highly sought after by both patients and healthcare providers.

Trends in the market: One of the key trends in the Cardiology Devices market in Ghana is the adoption of telemedicine and remote monitoring solutions. This allows healthcare professionals to remotely monitor patients with heart conditions, reducing the need for frequent hospital visits and improving access to care, especially in rural areas. Another trend is the increasing use of implantable devices such as pacemakers and implantable cardioverter-defibrillators (ICDs) to manage heart rhythm disorders. These devices provide long-term treatment options for patients and improve their quality of life. Additionally, there is a growing focus on preventive cardiology, with an emphasis on lifestyle modifications and early detection of risk factors.

Local special circumstances: Ghana has a growing middle class population with increasing disposable income, which has led to higher healthcare spending. This has resulted in improved access to healthcare facilities and an increased demand for advanced cardiology devices. However, there are still challenges in terms of healthcare infrastructure and access to specialized care in remote areas. This has led to a greater reliance on mobile health solutions and telemedicine to bridge the gap and provide care to underserved populations.

Underlying macroeconomic factors: The economic growth in Ghana has contributed to the development of the healthcare sector, including the Cardiology Devices market. The government has been investing in healthcare infrastructure and promoting public-private partnerships to improve access to quality healthcare services. Additionally, the increasing prevalence of cardiovascular diseases, driven by factors such as sedentary lifestyles, poor diet, and aging population, has created a need for advanced cardiology devices. The government's focus on healthcare policies and initiatives to address these challenges has further fueled the market growth. In conclusion, the Cardiology Devices market in Ghana is experiencing significant growth and development due to customer preferences for advanced and cost-effective solutions, as well as the adoption of telemedicine and remote monitoring. The local special circumstances, such as the growing middle class population and the need for improved healthcare infrastructure, are driving the market. The underlying macroeconomic factors, including economic growth and the increasing prevalence of cardiovascular diseases, further contribute to the market's expansion.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.